Ghada Ismail

For years, the startup scene has been obsessed with unicorns; those rare, billion-dollar companies that symbolize hypergrowth, massive funding rounds, and meteoric success. But as markets mature and the realities of sustainable business sink in, many in the global startup ecosystem are beginning to ask: Do we really need more unicorns, or something entirely different?

Across the Middle East, and particularly in Saudi Arabia, the answer increasingly leans toward a new breed of companies: camels and zebras. These startups may not dazzle with billion-dollar valuations, but they embody traits that could prove far more valuable in the long run: resilience, sustainability, and social purpose.

From Unicorns to Camels and Zebras

The “unicorn” was once the ultimate prize: a company valued at over $1 billion, fueled by venture capital, and celebrated for its speed of growth. But this obsession often came at a cost. Many unicorns prioritized expansion over profitability, and when market conditions shifted, they found themselves struggling to stay afloat.

The global downturn in tech valuations and the funding scene exposed over time how fragile many of these high-growth models were. Meanwhile, startups that operated with leaner models, focused on cash flow, and adapted to uncertainty—the so-called camels—proved more resilient.

The term “camel startup,” first popularized in the Middle East and North Africa, captures a distinctly regional mindset. Just as camels survive harsh desert conditions, these startups are designed to withstand economic volatility. They grow steadily, conserve cash, and adapt intelligently to changing markets.

Zebras, on the other hand, represent a different kind of strength. Coined by a group of women entrepreneurs in Silicon Valley, “zebra startups” pursue profit and purpose simultaneously. They are black and white, symbolizing balance. In emerging economies like Saudi Arabia, this philosophy is resonating strongly, particularly among founders tackling social, environmental, or inclusion-driven challenges.

The Saudi Context: Vision 2030 and the Shift in Startup Mindset

Saudi Arabia’s startup ecosystem is evolving rapidly. Over the past few years, the Kingdom has transformed into one of the MENA region’s fastest-growing entrepreneurship hubs, with total venture funding reaching new highs annually. Yet as the market matures, there’s a visible shift in what founders, investors, and policymakers value.

Under Vision 2030, the Kingdom’s economic diversification plan, sustainability, innovation, and resilience are central pillars. This aligns closely with the camel and zebra mindset. Saudi startups are no longer just chasing valuations; instead, they’re building business models that can endure challenges, create jobs, and contribute to national priorities such as fintech innovation, food security, clean energy, and women’s empowerment.

Venture capital firms, too, are evolving. While early-stage funding remains strong, there’s greater scrutiny over unit economics, profitability, and long-term impact. Investors are asking tougher questions, not only about how fast startups can grow, but how well they can sustain that growth.

Camels in the Desert: Startups That Endure

In Saudi Arabia and the wider Gulf, the camel metaphor feels especially apt. Startups like Jahez, Tamara, and Foodics exemplify the camel mindset. Each grew deliberately, balancing rapid market capture with clear revenue models.

Jahez, for instance, built a profitable food-delivery platform long before its IPO, expanding carefully across the Kingdom instead of burning cash on regional domination. Tamara, one of Saudi’s leading buy-now-pay-later players, achieved remarkable growth but stayed focused on regulatory compliance and operational sustainability—traits that make it more of a camel than a traditional unicorn.

Similarly, Foodics navigated funding rounds and expansion by maintaining profitability as a core discipline. These companies may still reach unicorn valuations, but their success rests on fundamentals rather than hype.

This approach is especially relevant in Saudi Arabia’s macroeconomic environment. While government support and investor interest remain strong, startups that can survive without constant external funding are better positioned for long-term success.

The Rise of Zebras: Purpose Meets Profit

The zebra philosophy—building companies that are both profitable and purposeful—is also taking root in the Kingdom. A growing number of Saudi startups are tackling societal challenges, from financial inclusion to healthcare access, while maintaining sound business models.

Take Nana, which has expanded access to online grocery delivery not just in major cities but in smaller regions, improving supply chain efficiency and consumer convenience. Another example is Labayh. Founded in 2018, Labayh provides mental health and therapy services in Arabic, offering one-on-one therapy sessions, webinars, support groups, and self-assessment tools. It also acquired the UAE meditation app Nafas, adding over 300 audio clips for meditation and stress relief, to expand its wellbeing portfolio. 

These companies demonstrate that profitability and social impact can go hand in hand. They are building trust with customers, generating real economic value, and aligning with national goals such as improving the quality of life and fostering digital innovation.

Why the World Needs More Camels and Zebras

Globally, the call for more sustainable startup models is growing louder. As capital markets tighten, founders can no longer rely solely on fundraising cycles to survive. The camel and zebra frameworks encourage startups to focus on cash discipline, real impact, and steady growth; values that are not only good for business but for economies at large.

In emerging markets like Saudi Arabia, these models carry even more importance. Economies in transformation need startups that can withstand uncertainty, employ locals, and create solutions tailored to regional challenges. Unicorns might bring attention, but camels and zebras bring stability.

Moreover, these models align perfectly with Saudi Arabia’s evolving venture ecosystem. Initiatives by entities such as Monsha’at, SDAIA, RAED Ventures, and STV are increasingly supporting startups that solve real problems rather than chase inflated valuations.

The Investor Perspective: Quality Over Hype

Investors across MENA are beginning to recalibrate their expectations. The new question isn’t “Who will be the next unicorn?” but “Who will survive the next downturn?”

Funds like IMPACT46 and Wa’ed Ventures have emphasized the importance of sustainable scaling and solid governance. International investors entering Saudi Arabia are also adjusting their lenses, preferring startups with clear profitability paths, diversified customer bases, and mission-driven growth.

This shift in mindset could redefine how success is measured in the Saudi startup scene. Valuation alone is no longer enough; longevity, local relevance, and measurable impact are becoming the new metrics of excellence.

A Cultural Shift in Entrepreneurship

The rise of camels and zebras also reflects a deeper cultural transformation among Saudi entrepreneurs. A new generation of founders, many educated abroad but rooted locally, is questioning the “growth at all costs” narrative.

They are more aware of the risks associated with overfunding, more focused on building sustainable ecosystems, and more open to collaboration rather than competition. Many are exploring hybrid funding models—mixing venture capital with grants, government programs, and non-dilutive financing—to maintain control and flexibility.

This mindset aligns with broader societal changes under Vision 2030, which emphasizes entrepreneurship as a driver of economic and social progress, not merely personal wealth.

Toward a More Balanced Future

The world may always celebrate unicorns as they capture imagination and headlines. But in Saudi Arabia’s context, the future likely belongs to the camels and zebras: startups that combine endurance with empathy, profitability with purpose.

As global markets grow more volatile and sustainability becomes a non-negotiable standard, these models will define the next era of entrepreneurship in the Kingdom and beyond.

Saudi Arabia’s journey from an oil-driven economy to a diversified, innovation-powered one will depend not on a few billion-dollar valuations, but on thousands of resilient, responsible, and adaptive startups.

And that’s where the real magic lies, not in chasing mythical creatures, but in nurturing the ones that thrive in the real world.

Noha Gad 

Loyalty and reward programs in the Europe, the Middle East, and Africa (EMEA) region are evolving rapidly, triggered by shifting consumer expectations for hyper-personalized, seamless, and engaging experiences. As businesses seek to deepen customer relationships amid increasing digitalization and competitive markets, loyalty platforms go beyond simple points systems to deliver meaningful value that resonates with today’s diverse consumers.

Dsquares transforms the loyalty sector by offering an end-to-end B2B loyalty and rewards solutions that cover the entire program lifecycle. This comprehensive approach, combined with deep regional expertise, enables Dsquares to create truly personalized, impactful loyalty programs that drive business growth and customer retention.

In this regard, Sharikat Mubasher interviewed with CEO Marwan Kenawy to dive deep into Dsquares’ innovative approach and diverse offerings, and to discover key trends and challenges in the loyalty and rewards realm across the region. 

First, can you tell us more about Dsquares’ offerings and how it differentiates itself from other loyalty and rewards companies in the region?

Dsquares is an end-to-end B2B loyalty and rewards solutions provider established in 2012 and serving clients in over 16 countries. We are trusted by Fortune 500, multinationals, and global giants as we offer end-to-end tailored loyalty solutions to drive business growth.

By end-to-end, we mean that we do not just offer software; rather, we manage the entire lifecycle of a loyalty program, giving our clients the flexibility and peace of mind to focus on their business and leave the customer acquisition and retention to us. Our offerings include: 

• Strategic commercial planning: from strategy building and market analysis to program design and performance.
• Technology and solutions: our modular technology covering traditional loyalty mechanics, customer engagement solutions, short and long-term loyalty campaigns, rewarding solutions, and advanced data and analytics solutions. All running on Dsquares AI engine.
• Field operations: from on-ground execution and program setup and management to anomaly detection and quality control.
• Merchant management: with an extensive network of over 25,000 merchants and brands across the MENA region, we manage the end-to-end relationship for our clients, from onboarding to enablement, to legal, to payments.
• Customer success management: where we have dedicated account managers working with our clients to ensure program optimization, providing timely analysis on enhancements to ensure our clients get the best program.

What makes us different is our end-to-end capabilities. We provide a fully managed service and own deep regional expertise and presence, with a team of certified experts. This is crucial for designing effective programs leveraging our unmatched understanding of local markets, consumer behavior, and business cultures, in addition to our extensive and diverse merchant network, which is the biggest in the region. There is a saying that “a loyalty program is only as good as its redemption options”. Well, we make it simple, effective, and diverse, catering to every persona and making sure our clients’ customers get rewarded from the brands they love. 

How does Dsquares harness AI and data analytics capabilities to transform the loyalty and rewards industry?

At Dsquares, we leverage AI and data analytics as the core engine of our technology for all our solutions. We use it to transform loyalty programs from simple transactions to smart systems that foster and grow customer relationships by personalizing their experience and journey, proving ROI, all while ethically acquiring zero-party data. 

Some of the use cases where we stand out are:

• Prescriptive analytics: leveraging C-cubed, our campaign management system, we are able to analyze customers’ behavior and predict what they might do, while recommending the actions to take. For example, detecting that a high-value customer has a high percentage of churning, our solution flags this and prescribes the right actions to take, which could be an offer from their favorite brand, a trigger of a challenge, or a surprise experience. 
• Dynamic loyalty: where every message, reward, offer, or challenge is customized per individual, not per segment. Making it a truly hyper-personalized experience for all customers, directly addressing the modern consumer’s expectation to be recognized as an individual. An example here is the work we have done with ExxonMobil for their traders program. Leveraging Dynamic loyalty, we combined tiered rewards, KPI-based challenges, and gamification tied to purchasing specific products (SKUs), driving targeted growth and a 2x increase in monthly engagement. 

We are using AI to ethically acquire zero-party data. We do this by using analytics to design engagement strategies that customers willingly opt into, solving the data privacy challenge. 

An example here is a short-term loyalty campaign we ran for Pepsi in Saudi Arabia. They are the official sponsor for the Saudi League, and they wanted to push sales and gather data about their customer. Only, they had to earn the privilege to get this data. So, we built a gamification strategy to engage Saudi league fans and reward them instantly by completing personalized challenges upon buying Pepsi cans. Fans eagerly shared their data to make use of the surprises they were getting.

What are the key challenges businesses face when implementing loyalty programs, and how does Dsquares tackle them?

Based on our experience, businesses often encounter these four major challenges. Our entire business model is designed to overcome these challenges as an expert partner.

     -Complexity of End-to-end management
Many companies underestimate the effort required to run a loyalty program. It is not just an app or a points system; it involves strategy, technology, merchant acquisition, operations, and continuous optimization. 
As mentioned before, this is our core differentiator. We provide a fully managed, end-to-end model, allowing our clients to focus on their core business while we manage the entire loyalty journey on their behalf.

     -Creating real value and personalized experiences for customers
One of the most common challenges we have seen is programs that offer little to no value for their customers or those that are similar or redundant to their competitors. Customers are expecting brands they love to offer them programs that recognize them as individuals and give them hyper-personalized, relevant experiences.
Our engagement solutions, including AI-powered personalization and Dynamic loyalty, gamification, and experiential rewards, as well as our extensive merchant network and our smart campaign engine, help us build value for our customers. By understanding their preferences and behavior, we can predict their needs, offer personalized recommendations, incorporate engaging connections, and offer rewards based on their individual interests. This helps build emotional connections with the brand.

     -Data Silos and Proving ROI
To date, many businesses see loyalty as a “nice to have”. However, when implemented correctly, loyalty solutions can play a significant role in every business strategy. Businesses also have their customer data locked in separate systems. Without a unified view, it is impossible to truly understand the customer or prove the financial impact of the loyalty program. 
With our Dsquares AI engine at the core of all our solutions, we built an analysis platform that builds a 360-degree view of the client, integrating data from every touchpoint, from acquisition, retention, engagement, and supports the integration with key data sources. This breaks down the silos, which is not only essential for effective personalization but also helps create value for brands.
In addition, we have the live reporting tools to estimate, measure, and report on the program's financial performance. This directly links loyalty activities to business outcomes like increased customer lifetime value (CLV), reduced acquisition costs, and protected revenue, satisfying CFOs and proving clear ROI.

     -Acquiring zero-party data and building trust
The increase in data privacy regulations, the rise of Web 3.0, and the different law requirements per country are all challenges facing any business, and without data, it is hard to grow a business. Brands need their customers to willingly share their data and preferences in order to grow. And this is where Dsquares can help through value exchange and loyalty. As mentioned before, building the right strategy that delivers unique value to customers makes them want to share their data. We help clients design programs and campaigns that offer personalization and valuable experiences that customers are incentivized to share their data, making loyalty programs a strategic asset for building direct, trusted customer relationships.

What are the biggest opportunities and key trends that could reshape the loyalty and rewards market in Saudi Arabia and the wider GCC region?

The loyalty landscape in the region is being fundamentally reshaped by a shift in buyer behavior, placing customer-centricity at the core of all key trends. 

     -The rise of zero-party data as a strategic asset
Brands need reliable, consented customer data to make informed decisions and personalize their customers’ experiences. The new data privacy rules are making it a challenge. 
Opportunity: positioning loyalty programs as the primary value-exchange mechanism for acquiring zero-party data. Customers will be more willing to share their preferences, interests, and behaviors in exchange for a more personalized and rewarding brand experience.

     -Hyper-personalized experiences 
This is about delivering a unique, relevant experience to every single customer in real time. 
Opportunity: Loyalty engagement solutions can act as the central hub, unifying touchpoints, treating customers as individuals, not segments, providing seamless omnichannel experiences, and recommending the actions to take next. This ensures a consistent loyalty experience whether a customer shops online, in-store, or through an app. This 360-degree customer view is invaluable for brands.

     -Rise of partnerships and coalition loyalty
This is a key trend, and we have seen brands creating ecosystems of value through strategic partnerships. These partnerships can add value for both the brand and the customer, and this is a trend that will continue to grow over the coming years. In the GCC, the market has been shifting to a mindset where businesses collaborate in loyalty to compete more effectively in a crowded market.
Opportunity: Partnerships help address modern consumers who have diverse loyalties and do not want to be locked into one brand silo. They also increase the value of the program and combat the digital clutter, which is a rising challenge for marketers globally. It also opens more value for zero-party data, enabling all partners to build richer, more holistic views of their shared customers.

     -Shift from transactional to experiential loyalty
GCC consumers are increasingly looking for value beyond discounts. They are looking for brands that understand their lifestyle and create memorable experiences, whether by unique recognition, status, exclusive access to events, or even meeting their favorite celebrity. 
Opportunity: offering experiential and emotional loyalty, through tiered programs with VIP status offering exclusive benefits, gamification to create engaging challenges and rewards, unique experiences like meet and greets, event tickets, limited edition products, or private shopping.

     -Alignment with national economic visions
Most of the GCC countries have their national agendas, such as the Saudi Vision 2030, with the focus on diversifying the economy, increasing digital transformation, and boosting tourism.
Opportunity: loyalty programs are actually the perfect tool to support these goals by:

1. Driving financial inclusion by incentivizing digital payments. An example is a project we had with Egypt Post, where citizens were rewarded for digitizing their payment experience. The more you spend digitally, the less you withdraw, the more you get rewarded. This helped in banking adoption, specifically in the rural areas.
2. Boosting tourism and entertainment through creating destination-based loyalty solutions and campaigns that reward tourists for spending across hotels, excursions, and retail, and drive people to visit the country through value-based campaigns.

How does Dsquares plan to scale its technology infrastructure to support future growth?

When it comes to scaling our technology, we are building on our Modular, Intelligent, Automated, API-First architecture, driven by our AI-powered engine. 

Our modular approach helps us to scale by easily adding features, services, or entire modules without disrupting the entire system. This enables us to quickly adapt to markets and new market demands.

Our API-driven approach makes it easy to integrate with a vast array of partner systems, scaling our solutions to fit every client’s needs. We give the flexibility to our clients to have their technology hosted online, on premises, or as a hybrid model. 

We are deeply investing in AI and automation. This helps us manage complexity intelligently. Also, we automate our core functions from automated personalization, anomaly and fraud detection, and operational efficiency, which thereby allow us to protect the ecosystem as it grows, leverage AI to prescribe the right triggers making campaigns efficient at scale, and reduce operational overhead.

Dsquares relies on building a robust data infrastructure that integrates data from countless sources and becomes more valuable with scale, in addition to providing deeper insights while helping to train our AI models, ultimately making their predictive and prescriptive analytics even more accurate. 

We are investing in next-generation tools such as advanced gamification and real-time campaign management to ensure the platform can support the future of engagement, which we see will be more immersive and data-driven.

Additionally, we plan to maintain quality, performance, and security, and obtain the required enterprise-grade certifications.

How do loyalty and rewards contribute to enhancing the digital economy in countries where Dsquares operates?

First, they contribute to driving financial inclusion and digital payment adoption. In many of Dsquares' markets, a significant portion of the population is unbanked or underbanked. Loyalty programs act as a powerful incentive to bring these users into the formal digital economy. For instance, programs linked to financial and banking services, like Egypt Post, reward citizens for any digital transaction they perform with rewards from merchants that link to their lifestyle. Similarly, programs linked to telecom services, like Vodafone, enable users to earn points for using a mobile wallet, paying a bill online, or sending money digitally, making these behaviors habitual. As a result, loyalty and reward programs contribute to reducing reliance on cash, moving them to use digital wallets, credit cards, and applications, in addition to increasing the volume of formal digital transactions. They also help central banks and governments achieve their financial inclusion targets. 

Second, these programs play a pivotal role in supporting and digitizing Small and Medium Enterprises (SMEs) through strategic partnerships. Acquiring customers and competing with larger brands are key challenges for SMEs. So, being part of a large loyalty merchant network or a coalition loyalty program managed by a company like Dsquares gives them instant access to a vast customer base. For example, local restaurants or boutiques can become a redemption partner in major loyalty programs of banks and other industries. This can help in driving foot traffic and sales from high-value customers they would not normally reach, and encourage cooperation rather than competition between local and large brands. 

Third, loyalty and reward programs help SMEs digitize their operations by using points as a currency, enabling them to grow in alignment with the economic diversification goals in many countries. Such programs can also increase flexibility for consumers and foster engagement across different sectors, where SMEs are collaborating with major brands, banks, telcos, oil and gas companies, and more. 

Finally, coalition loyalty programs can heavily promote tourism in GCC countries by attracting and rewarding tourists. Tourists can earn a unified loyalty currency for spending on flights, hotels, attractions, and retail within the country. This will eventually encourage longer stays and higher spending, and boost the digital tourism economy by creating a seamless, rewarding digital experience for visitors.

Ghada Ismail

Every founder faces a defining question early on: how to fund growth without losing control. Should you give investors a stake, or rely on grants and incentives to stay independent? In Saudi Arabia’s fast-growing startup scene, understanding the difference between non-dilutive funding and equity financing can shape your company’s future from day one.

What Is Non-Dilutive Funding?

Non-dilutive funding refers to capital that doesn’t require you to give up any shares or ownership in your company. Instead, you receive financial support, grants, or incentives that help your business grow while you retain full control.

In Saudi Arabia, this form of support has expanded rapidly under Vision 2030, with programs designed to empower entrepreneurs and stimulate innovation.

Examples include:

• Monsha’at programs, such as financing initiatives and startup competitions.
• The Human Resources Development Fund (Hadaf), which offers wage support and training grants.
• The Saudi Venture Capital Company (SVC)’s indirect funding initiatives through funds and accelerators.
• Government grants and R&D programs in partnership with KAUST, KACST, or the Ministry of Communications and Information Technology.
• Loans and guarantees offered by Kafalah and Saudi EXIM Bank for export-oriented startups.

Pros of Non-Dilutive Funding

• You stay in control: No need to give up shares or decision-making power.
• Ideal for early stages: Helps test and validate ideas before raising equity.
• Government-backed stability: Programs often align with national priorities, providing reliable support.
• Encourages innovation: Especially useful in sectors like HealthTech, AgriTech, and renewable energy.

Cons of Non-Dilutive Funding

• Highly competitive: Programs have limited slots and strict eligibility criteria.
• Lengthy approval cycles: Applying and securing funds can take time.
• Restricted spending: Funds may need to be used for specific projects or milestones.
• No investor mentorship: You miss the strategic support that comes with equity investors.

What Is Equity Financing?

Equity financing means selling a portion of your company’s ownership in exchange for capital. In Saudi Arabia, this is becoming more common as venture capital activity grows and global investors turn their eyes toward the Kingdom.

Examples include:

• Angel investors and family offices
• Venture capital firms like RAED Ventures, Impact46, and Wa’ed Ventures
• Corporate investors such as STC Ventures and Aramco Ventures
• Government-backed funds through SVC, and Jada Fund of Funds’ partnerships

Pros of Equity Financing

• Large growth capital: Fuels rapid scaling, hiring, and market expansion.
• Mentorship and connections: Investors often open doors to networks, talent, and markets.
• Shared risk: You’re not repaying loans if the business struggles.
• Market validation: Attracting investors signals credibility to customers and partners.

Cons of Equity Financing

• Ownership dilution: You give up part of your company.
• Reduced control: Investors may request board seats or decision rights.
• Exit expectations: Most investors look for returns within a few years.
• Possible vision misalignment: Strategic differences can arise between founders and investors.

Which One Should You Choose?

There’s no one-size-fits-all answer; it depends on your startup stage, goals, and risk appetite.

• If you’re developing a prototype, conducting research, or still validating your market, non-dilutive funding helps you stay independent while building traction.
• If you’re ready to scale, expand internationally, or grow fast, equity financing offers not just money, but expertise and networks.

Many Saudi startups, from biotech innovators to logistics platforms, combine both approaches using grants and government programs early on, then raising venture capital once they’re ready to expand.

Wrapping Things Up…

Choosing between non-dilutive funding and equity financing isn’t about which is better; it’s about what your startup needs right now. Non-dilutive funding helps you grow without giving up ownership, while equity financing brings in not just money but mentorship and networks. The smartest founders in Saudi Arabia often blend both, using grants or accelerator funds early on, then turning to investors once their model proves itself. 

Noha Gad

Influencers have commanded social media in recent years, setting trends and guiding their followers’ shopping habits with the content they post, ultimately supporting an industry worth over $35 billion as of 2025, as stated in a recent report by Influencer Marketing Hub.

The influencer marketing ecosystem stands at an inflection point, triggered by groundbreaking technological advancements, changing consumer behaviors, and increasing demands for accountability. This shift underscored the critical need for brands to diversify their strategies and highlighted the emergence of AI influencers to fulfill brands’ need for more control, scalability, and flexibility in digital marketing.  

Human influencers are subject to unpredictabilities such as changing personal circumstances, reputational risks, or limited working hours. In contrast, AI influencers are always available, never age, and can instantly adapt their messaging to suit a brand’s image or campaign needs, facilitating seamless communication in different languages and allowing companies to ensure consistent representation.

What are AI influencers?

AI influencers, also known as virtual influencers, are computer-generated characters that promote products on social media. Often created with computer-generated imagery (CGI), motion capture, and generative artificial intelligence, and other forms of AI, these digital characters are designed to behave the way a human influencer would online, offering brands a unique way to connect with consumers.

With millions of followers engaging with their content and purchasing the products they promote, these innovative tools help brands to better connect with audiences in an increasingly saturated social media space.

AI influencers come in all shapes and sizes, ranging from cartoonish 3D characters to photorealistic images. They look and behave the way real people do online, but their appearance, personalities, and content have been carefully designed to appeal to a specific audience, particularly Gen Z and Gen Alpha.

The rise of AI influencers has already begun to reshape digital marketing on a global scale across various sectors, notably fashion and technology, demonstrating the value and versatility of virtual personalities in modern campaigns. AI influencers offer creative opportunities in futuristic settings and storytelling that human influencers cannot replicate; however, their adoption also presents new ethical questions about transparency, authenticity, and the impact on human content creators.

How AI influencers transform digital marketing

Brands utilize AI influencers for inclusive, creative storytelling and hybrid campaigns alongside human content creators, leveraging AI influencers’ capability to amplify core brand values such as innovation, inclusivity, and self-expression, while maintaining a distinct futuristic appeal.

Giveaways, contests, and experiential marketing formats are popular for boosting engagement and community interaction. In typical giveaways, AI influencers invite followers to participate for a chance to win exclusive products or experiences, driving viral reach and growing brand followings rapidly. In product reviews and unboxing campaigns, AI influencers seamlessly script unboxing experiences with highly visual, on-message presentations, providing consistency in tone and detail that human influencers may find difficult to match at scale. 

Characterized by ultra-personalization and scalability, AI influencers can dynamically address audiences in different languages, adapt campaign content based on sentiment analysis, and offer instant replies to DMs or comments, fostering a sense of one-on-one interaction. This adaptability and automation position AI influencers at the forefront of next-generation marketing, making them the perfect choice for large-scale awareness campaigns, niche-targeted promotions, and cross-platform storytelling efforts.

Human influencers and AI

Most of the marketing strategies nowadays combine virtual and human creators to maximize reach, authenticity, and engagement. Instead of replacing human influencers, AI-powered personas are being used to complement them, creating hybrid campaigns that leverage the strengths of both. 

This innovative tool analyzes vast datasets, including engagement rates, audience demographics, and content performance, to identify the most suitable human influencers for a brand, ensuring alignment with campaign goals and target audiences. It reduces the risk of mismatched collaborations and improves overall campaign effectiveness.

Additionally, AI-based platforms streamline communication by generating personalized messages to influencers based on their content style and audience profile. They also assist in brainstorming campaign ideas, optimizing posting schedules, and even drafting captions.

In hybrid campaigns, AI and human influencers collaborate on shared content, such as joint social media posts, live streams, or storytelling series, humanizing the AI influencer while amplifying the human creator’s reach through exposure to new, tech-savvy audiences.

Successful campaigns balance between AI efficiency and Human creativity, excelling AI at scalability, personalization, and performance prediction. Nevertheless, human judgment remains essential in evaluating brand fit, cultural relevance, and narrative authenticity. 

Future outlook

As generative AI advances, AI influencers are expected to be more dynamic, capable of live-streaming, responding to audience sentiment, and adapting messaging based on real-time engagement analytics. These advanced tools will offer creative control, eliminating concerns about scandals or scheduling conflicts, while enabling 24/7 interaction through AI chatbots and real-time content generation.

Also, hyper-personalization will define the next generation of influencer marketing, with AI tailoring content based on real-time signals such as browsing behavior, geolocation, and device type. 

Finally, the integration of AI into influencer marketing represents a significant change in how brands connect with audiences, leveraging AI-powered influencers to offer unmatched scalability and enhance effectiveness. Brands that embrace hybrid strategies, combining the authenticity of human creators with the precision and efficiency of AI, will be well-positioned to deliver personalized, engaging, and ethically sound campaigns.

Kholoud Hussein

As the HR-tech landscape in the Middle East undergoes rapid transformation, new players are emerging to challenge outdated legacy systems and deliver solutions that match the region’s pace of growth. Among these innovators is Cercli, a platform founded by ex-Careem executives Akeed Azmi and David Reche, and backed by Y Combinator and Afore Capital. In an exclusive interview with Sharikat Mubasher, the founders shared how Cercli is tackling inefficiencies in payroll and workforce management and positioning itself at the forefront of the shift toward agile, AI-driven HR solutions.

Since its September 2024 fundraise, Cercli has recorded impressive growth with revenues climbing 22% month-on-month and payroll distributions expanding 14-fold across 48 countries and 17 currencies. “We set out to build a platform that delivers speed and compliance without the complexity of legacy ERP systems, and the response has exceeded our expectations,” the founders noted. They credit this momentum to a relentless customer-first approach, a globally experienced team drawn from leading technology firms, and an uncompromising pace of execution. 

Artificial intelligence plays a critical role in their product roadmap, powering tools like automated expense reimbursement and onboarding agents that cut implementation times from months to just 48 hours. With Saudi Arabia fast emerging as one of the most dynamic HR-tech markets, Cercli is closely studying the Kingdom’s labor frameworks, aiming to establish a stronger local presence to meet growing demand.

From Careem to Cercli: You both bring strong experience from Careem. How has that shaped Cercli’s vision and its approach to disrupting the HR-tech space in MENA?

Working at the region’s first unicorn shaped the way we think and built our entrepreneurial traits. At Careem we saw first-hand how painful payroll and HR operations were, especially for enterprises with thousands of employees. Payroll was painfully slow, HR tools were scattered, and nothing worked seamlessly.

We looked everywhere for a solution and couldn’t find one to solve these challenges. This is why we started Cercli: to eliminate the wasted hours and days spent on manual payroll and remove the need to juggle four or five disconnected tools. We knew there had to be a better way forward.

Since your fundraise in September 2024, Cercli has seen revenues soar 22% month-on-month and payroll distributions expand 14x across 48 countries. What have been the key drivers of this growth, and how do you plan to sustain this momentum?

The biggest driver has always been working and building alongside our customers first. 

Second, our hiring has been very deliberate. Our team includes incredible talent from companies like Careem, Kitopi, Stripe, Google, and Cloudflare. This talent could be anywhere in the world, but they chose to build Cercli.

And finally, sheer determination and speed. We build fast, we ship fast, and we keep moving with urgency. As any entrepreneur will be familiar - there have been plenty of sleepless nights too - but our shared purpose keeps us grounded and focused no matter how quickly we scale.

You emphasize the role of AI in transforming HR operations. Can you share specific ways Cercli is leveraging AI to replace outdated ERP systems and deliver measurable financial or operational savings for clients?

We see AI as an enabler in solving our customers' existing problems while also solving new ones that weren't previously possible. Adding AI for the sake of adding AI is not our stand in embracing new technology. AI is evolving and so is how we will utilize it. Internally, we already use AI to increase not just operational and engineering efficiency, but the real impact is in how it transforms the customer experience.

On the product side, many features are powered by AI. Take expense reimbursement: employees just upload a receipt in any format or language, and the system instantly extracts the details - amounts, dates, categories - reducing errors and saving finance teams a huge amount of time. Another is our job description creator, which - in mere seconds - helps hiring managers generate role descriptions during onboarding. We also have completely new AI products in development, which we will announce when ready.

Even the process of migrating and onboarding customers from legacy systems - which typically takes months - can now be done by Cercli in as little as 48 hours with the help of our onboarding AI agent. It reduces errors, ensures accuracy, and gets customers up and running much faster.

Across the platform the goal is the same for customers: reduce human error, stay fully compliant with a modern, human touch of running your entire workforce as opposed to outdated ERP systems in grey clunky user interfaces.

With Saudi Arabia emerging as one of the fastest-growing HR-tech markets, how critical is the Kingdom to your expansion strategy, and what are your immediate plans for operations there?

Saudi Arabia is one of the largest and fastest-growing markets in the region — if not globally. Ignoring it would be a mistake. We’re looking very closely at the Kingdom, its regulations, labor laws, and unique processes.

Many of our existing customers in the UAE and elsewhere already have employees in Saudi, and we help them manage payroll there. The next step is building a deeper, more strategic and local presence to support that demand and scale with the market.

You’ve hinted at imminent entry into another major GCC economy. Without revealing sensitive details, what factors guide your decision on new markets — regulatory environment, talent needs, or client demand?

Our analysis of new markets is deep and diverse. We assess levels of digitization; countries moving fast in modernizing their labor and compliance frameworks are natural fits for us. Another important factor is market maturity, meaning the number of rising companies scaling quickly and requiring tools like Cercli to grow without being held back by outdated systems.

We also consider demand from our existing customer base. Many of our clients already operate across multiple GCC countries, so we follow their needs closely to decide where expansion needs prioritizing.

Cercli now processes payroll in 17 currencies across 48 countries. How do you navigate the regulatory complexities of managing cross-border workforces, and what opportunities does this create for regional companies aiming to go global?

Talent is global, and we’re enabling regional companies to think global from day one. We’ve built our platform from the ground up with the regulatory complexity of the MENA region in mind.

Each country and/or zone, has its own rules around payroll, pensions, expat or national social security contributions, statutory body reporting, and even cultural nuances like Ramadan hours, weekends or Eid holidays affecting pay and labor laws.

By solving this fragmentation at the local level, we have created a payroll compliance ‘engine’ that scales.

The HR-tech space in MENA is getting crowded, with both local startups and global players eyeing the market. What differentiates Cercli from others, and how do you plan to defend your leadership position?

You are correct, the market is crowded. We knew that when we started Cercli, but the reality was despite various available options, no one was actually solving the real problem. Customers told us their many frustrations and we just listened. Global players had great functionality, but poor localization for regional compliance and know-how. Local players were decent on some aspects of compliance, but can't match feature depth or lacked a fully-fledged regional offering even after years of being around. Customer NPS for existing solutions were consistently low and incumbents were just too slow to respond.

Cercli is different because we eliminate that complexity. We have one platform for everything, fully localized for the MENA region, and built in close collaboration with our customers. We talk to them across multiple channels, we listen, and we build fast. That closeness and localization sets us apart and keeps us ahead.

Looking ahead, where do you see Cercli in the next three years — both in terms of product innovation and geographic footprint — and how do you see the broader HR-tech industry evolving in the GCC?

At the pace we’re building, our vision for the next three to five years is to completely replace these clunky legacy ERP systems and make running your workforce as intuitive as making a booking on AirBnb. We want to become the platform that every MENA-based company chooses to run their global workforce. More broadly, we see HR tech in the GCC evolving rapidly.

Companies are digitizing faster, governments are modernizing regulations for the new age, and expectations for simple, global-standard tools that justwork - are only going to grow. 

We’re building Cercli to stay ahead of that shift.

Finally, Cercli’s ambition is to fully replace legacy ERP systems and become the platform of choice for companies in MENA seeking to manage global workforces with agility and compliance. As governments modernize and enterprises expand internationally, the demand for intuitive, AI-powered HR tools is only set to rise. For Cercli, the future lies in building technology that not only keeps pace with this transformation but shapes it—bringing simplicity, speed, and scalability to the heart of workforce management.

Noha Gad 

Saudi Arabia’s startup ecosystem is witnessing dynamic growth, moving beyond its traditional focus on oil, energy, and large-scale infrastructure. With a youthful population eager to innovate and a government that supports business startups, the Kingdom has become a fertile environment for emerging businesses in specialized sectors that address local, regional, and global challenges. This expansion reflects a broader shift toward using technology and innovation to build new industries and create jobs.

The focus on specialized innovations is closely connected to the ambitious Saudi Vision 2030, which focuses on sustainability, economic diversification, and building a knowledge-based economy. This national blueprint aims to reduce reliance on oil revenues and prepare for future economic changes by nurturing startups that develop groundbreaking solutions in areas such as agriculture and desert farming, waste management, and urban infrastructure. These niche innovations will contribute directly to the Kingdom’s sustainability goals, promoting resource efficiency, environmental protection, and enhanced urban living conditions. 

In this feature, we will explore three vibrant and strategically important sectors where Saudi startups are gaining traction: desert farming, waste management, and urban mobility.

Desert Farming 

Agriculture in Saudi Arabia faces multiple challenges due to the Kingdom’s arid desert climate characterized by limited water resources, high temperatures, and sandy, nutrient-poor soils. These difficult conditions make food production dependent on imports a persistent issue, driving an urgent need for innovative agricultural technologies that can sustainably increase local food production while conserving scarce water resources. 

Several Saudi companies and startups are pioneering solutions in desert farming using advanced technologies, such as hydroponics, aeroponics, AI-powered irrigation, and soil enhancement, to optimize water usage, improve crop yields, and enable farming in harsh desert environments. 

   Key Players

        *Saudi Desert Control. As a leader in sustainable land transformation, the company uses the Liquid Natural Clay (LNC) technology to transform arid land into fertile soil within just seven hours by combining natural minerals and clays with water. This innovation contributes to improving water retention, boosting plant health and crop yields, and reducing operational costs by 30% for new farmland establishments.

        *Iyri (formerly RedSea). This sustainable AgriClimate Tech company targets advancing commercial farming for low to mid-tech farmers in hot climates. Its patented, proprietary technologies reduce water and energy consumption by up to 90%. Iyris’ award-winning technology, SecondSky, is deployed in multiple greenhouse coverings and shade nets to minimize the stress and impact of near-infrared heat radiation on plants while allowing the spectrum of light that plants need for photosynthesis. This revolutionary innovation helps deliver more resilient, productive, and profitable crops in regions where climate change and excessive heat limit sustainable, productive growth. Additionally, iryis has developed plant genetics via a novel hybridization process that has the potential to breed resiliency to salinity, heat, and drought across a broad range of crops, ensuring stress-resistant, dependable food production.

       *Arable. This startup specializes in custom hydroponic systems tailored for Saudi Arabia’s desert climate. It uses advanced hydroponic technology to cultivate premium vegetables and herbs that are fresher, tastier, and longer-lasting than imported alternatives, using less water and reducing environmental impact.

       *Saudi Arabian Hydroponic Company (Zarei). Based in Al-Khobar, Zarei specializes in modern techniques of cultivation without soil (hydroponics) and the establishment of agricultural greenhouses using sophisticated modern techniques. Hydroponics relies on water in a closed cycle, saving more than 90% of water consumption compared to traditional agriculture methods.

       *GreenMast. This Riyadh-based agri-business company aims to revolutionize the farming model in the GCC region, leveraging fully-controlled high-tech hydroponics greenhouses. It offers various services to transform the farming sector, including greenhouse management and consultancy.

Waste Management

Saudi Arabia’s Vision 2030 focuses on transforming the Kingdom’s environmental practices, accelerating the circular economy, and setting global benchmarks in recycling and resource recovery. With aspirations to divert 85% of industrial waste from landfills by 2035, this national blueprint targets increasing municipal waste recycling rates through advanced technologies and integrated systems. The Kingdom’s sustainability goals also include accelerating the adoption of waste-to-energy solutions to reduce reliance on landfills and investing in infrastructure, partnerships, and innovations to support the circular economy.

A recent report released by the Mordor Intelligence stated that the waste management market in Saudi Arabia is expected to jump to $37.7 billion by 2030 from $25.8 billion in 2025, with a robust compound annual growth rate (CAGR) of 7.85%. the report also anticipated construction mega-projects, mandatory source segregation beginning in 2025, and carbon-credit eligibility for waste-to-energy facilities to increase the revenue base across collection, recycling, and recovery services after 2027.

Several Saudi companies and startups are driving innovation in the waste recycling sector to meet the Kingdom’s need for advanced and sustainable waste management solutions.

  Key Players

• Edama. As the organic waste recycling KAUST startup, Edama develops innovative organic waste recycling facilities to optimize the recovery and transformation of organic waste into innovative agricultural products.
• The Saudi Investment Recycling Company (SIRC). SIRC was launched by the Public Investment Fund (PIF) to develop, own, operate, and finance various activities across all waste types to establish recycling capacities in the Kingdom and build a circular economy for a sustainable future. It targets meeting the objectives of Vision 2030 and the revised Waste Management National Regulatory Framework through its subsidiary network, which includes:

              *Municipal Solid Waste Recycling Company (Yadoum), which focuses on developing progressive and sustainable solutions in the realm of municipal solid waste.

              *Akam Recycling Company for Environmental Services (Akam), a leading provider of environmental services and waste treatment activities. It plans to invest over SAR 160 million as part of its commitment to creating a sustainable future for the Kingdom.

              *Metal Recycling Company for Environmental Services (ELECTA), which focuses on managing the waste of electrical and electronic equipment, as well as metal scraps. 

              *Oil Management Company (Azyat), a pioneering provider of sustainable lubricant waste management solutions.

              *Medical Waste Treatment Company (Wazeen), a trailblazer in redefining how hazardous medical waste is managed and treated.

              *Global Environmental Management Services (REVIVA), a dedicated execution arm in the realm of industrial hazardous waste treatments.

Additionally, the public-private partnerships (PPPs) unlocked substantial investment toward collection, sorting, and waste-to-energy plants, ensuring scalable and bankable operations aligned with regulatory frameworks. Environmentally, these startups and initiatives significantly contribute to minimizing landfill dependency, greenhouse gas emissions, and pollution.

Urban Mobility Innovations

Saudi Arabia is taking confident steps towards redefining its urban mobility landscape by embracing sustainable practices that align with the Vision 2030 framework, aiming to reduce its carbon footprint, enhance the quality of urban life, and create a more sustainable future for its growing population.

A cornerstone initiative in the Kingdom’s sustainability mobility agenda is the development of electric vehicle (EV) infrastructure through building numerous EV charging stations across major cities to support the adoption of electric cars.

Saudi Arabia invested heavily in projects like the Riyadh Metro and Jeddah Metro to elevate public transportation networks. These projects are expected to reduce air pollution in urban areas.

To further advance sustainable mobility practices, Saudi Arabia adopted smart traffic management systems that utilize AI and big data analytics to optimize traffic flow, reduce congestion, and lower emissions. It also deployed autonomous vehicles to enhance mobility while minimizing environmental impact. These self-driving cars can operate more efficiently than human-driven cars, leading to reduced fuel consumption and lower emissions.

Moreover, the Kingdom integrated solar-powered buses and hybrid vehicles into the public transport fleet not only to decrease the carbon footprint but also to provide a sustainable and cost-effective alternative to traditional fuels.

Finally, niche startups in Saudi Arabia are strategically vital for the Kingdom’s sustainable development and economic transformation. By pioneering innovative solutions in desert farming, waste management, and urban mobility, these startups directly address environmental challenges while supporting diversified economic growth in line with Vision 2030. As government support, venture capital, and regulatory reforms strengthen, the outlook for continued innovation in these sectors is highly promising, reinforcing Saudi Arabia’s position as a regional leader in sustainable entrepreneurship.

Ghada Ismail

Raising money for a startup is exciting. You pitch your idea, meet investors, and finally get the “yes” that can help your business grow. But once the celebration ends, you’ll see terms in the deal that protect investors if things don’t go as planned. That safety net is called downside protection.

What It Really Means

Downside protection is a promise that if your company loses value or struggles, investors won’t lose as much money. It’s common in startup deals everywhere, and it helps investors feel safer about putting in their cash. It refers to the legal mechanisms investors use to protect their money if a startup’s valuation falls or if the company fails to meet expectations. While it sounds investor-friendly, it’s also a standard part of venture deals worldwide. Understanding it is essential for founders who want to negotiate fair terms and avoid unpleasant surprises later.

How It Shows Up in Deals

1. Extra Shares When Value Drops
   Suppose you raised money when your company was worth $10 million, but later you can only raise money at $7 million. Early investors might get extra shares so their piece of the company doesn’t shrink.
2. Getting Paid First if Things End
   If the company is sold or closes, investors usually get their money back before founders or employees see anything. Some agreements even let them get back more than they put in.
3. Price Adjustments
   If you sell new shares at a lower price later, some deals let investors pay that lower price too, so they don’t overpay.

Why Investors Want It

Starting a company is risky, as most startups could just fail. Downside protection helps investors feel safer, which can make them more willing to invest in the first place.

What It Means for Founders

These protections can help you raise money, but they come with trade-offs:

• Your share may shrink if the company’s value drops.
• Future investors might hesitate if early investors have too many special rights.
• Morale can suffer if the company has to raise money at a lower value.

How to Protect Yourself

• Understand every term. Ask questions until you’re sure you know how it works.
• Negotiate fair rules. For example, ask for formulas that limit how many extra shares early investors can get.
• Get expert help. A lawyer or advisor who knows startup deals can spot problems quickly.

Wrapping Things Up…

Downside protection isn’t a trap; it’s a normal part of funding a startup. The key is to understand it before you sign. That way, you can give investors the confidence they need without giving away more of your company than you expect.

Noha Gad

The commerce landscape is undergoing a significant transformation in 2025, driven by rapid technological advancements and changing consumer behaviors. Traditional retail and e-commerce are evolving beyond simple online transactions into immersive, engaging, and socially connected experiences. This shift reflects the importance of integrating technology, social media, and sustainability principles into how consumers discover, interact with, and purchase products and services. Thus, new types of commerce have emerged to redefine the relationship between brands and customers, creating innovative avenues for engagement, personalization, and convenience.

One of the most notable trends shaping commerce today is the rise of social commerce that integrates shopping experiences seamlessly into social media platforms. This type of commerce allows brands to engage directly with audiences, showcase products in real time, and drive immediate sales, creating a highly interactive retail experience.

Augmented reality (AR) and virtual reality (VR) technologies also revolutionize how consumers shop online by offering immersive and interactive digital experiences. Virtual try-ons, 3D product visualizations, and fully virtual stores enable customers to make informed purchase decisions from the comfort of their homes. 

Additionally, sustainability-driven commerce is another critical and rapidly growing trend that reflects consumers’ increasing preference for eco-friendly, ethical, and transparent shopping practices. Brands that embed sustainability into their business models, from sourcing and packaging to circular economy initiatives, are gaining trust and loyalty in a market where environmental responsibility is no longer optional.

In this blog, we will discover more about key trends that reshape the commerce landscape and how these shifting paradigms highlight a future where commerce is not just transactional, but experiential, interactive, and responsible.

Social commerce 

This term refers to the integration of e-commerce features directly within social media platforms, allowing users to discover, engage with, and purchase products without leaving their favorite applications. This trend gained rapid popularity among consumers who increasingly rely on social networks not only for social interaction but also for product recommendations, reviews, and seamless shopping experiences. 

Social commerce is witnessing significant growth thanks to multiple features, such as shoppable posts, stories, and in-app checkout options that simplify purchasing. These features reduce friction by allowing users to buy products directly through social media feeds, eliminating the need to navigate to external websites. Also, the integration of chatbots and customer service tools within social platforms enhances personalized shopping assistance and builds customer trust.

This type of commerce has a great impact on the way consumers discover brands and makes shopping more interactive and community-driven. For brands, social commerce opens new channels for storytelling, customer feedback, and direct engagement, enabling more personalized marketing strategies that foster loyalty and repeat business.

Live commerce

Live commerce integrates live video streaming with real-time shopping, creating an interactive experience where brands and influencers showcase products directly to an engaged audience. This type leverages the excitement and immediacy of live broadcasts to drive instant purchasing decisions, transforming the traditional sales funnel into a dynamic, entertainment-driven event. 

One of live commerce’s main strengths is the ability to interact with viewers in real time via chat, polls, and question-and-answer sessions. This interaction builds trust, answers consumer questions instantly, and encourages spontaneous purchases by creating a sense of urgency with limited-time offers and exclusive promotions.

This type of commerce enables brands to demonstrate products in action, showcasing features, benefits, and use cases more vividly than traditional online listings. It also features deeper emotional connections with consumers, ultimately reducing product returns and helping consumers make informed decisions.

AR and VR commerce

AR and VR transform online shopping by creating interactive experiences that bridge the gap between physical and digital retail. These technologies enable consumers to visualize products in a realistic context, enhancing confidence in purchase decisions and reducing the sense of uncertainty that often comes with online shopping. One of the biggest challenges in online shopping is the inability to physically experience products before purchase. AR and VR address this by offering personalized shopping experiences tailored to individual preferences and environments.

Sustainability-Driven Commerce

As awareness of climate change and resource depletion grows, shoppers increasingly demand products that minimize harm to the planet and promote fair labor practices. This shift requires businesses to integrate sustainability into every aspect of their operations, from product design and sourcing to packaging and distribution.

Sustainability-driven commerce emphasizes ethical sourcing practices, ensuring fair wages and safe working conditions throughout the supply chain. Brands are adopting blockchain and other technologies to increase transparency and traceability, allowing consumers to verify the origins and lifecycle of products. This transparency fosters trust and accountability, essential for maintaining brand reputation in a socially aware market.

As we navigate the rapidly changing world of commerce in 2025, adaptability and innovation have become essential for businesses aiming to thrive. Today’s consumers expect more than just products; they seek experiences that resonate with their lifestyles, values, and desire for authenticity. This evolution forces brands to reimagine their strategies and focus on creating deeper connections through meaningful engagement, transparency, and responsiveness. As 2025 unfolds, the most successful retailers will be those that master this balance, leveraging technology to connect, entertain, and inspire, while championing sustainability to build lasting trust and loyalty.

Ghada Ismail

When business founders land their first big fundraise, it can feel like unlocking a new level. Suddenly, there’s real capital to hire staff, launch a product, scale marketing, or even set up a new office. But for many, that influx of cash brings its own danger: burn rate anxiety. They spend fast. Too fast. And often, they run out of runway long before meaningful milestones are reached.

This issue isn’t unique to Saudi Arabia; it’s part of the startup playbook globally, but local dynamics, incentives, and pressures make it especially acute in the Kingdom. As Saudi Arabia pushes ahead with its Vision 2030 goals and builds out its tech ecosystem, understanding why many founders accelerate spending too quickly and how this behavior jeopardizes sustainability is vital.

The Investment Landscape

In the early 2020s, Saudi Arabia saw explosive growth in its startup funding ecosystem. According to MAGNiTT, the KSA venture capital landscape posted a compound annual growth rate (CAGR) of about 49% between 2020 and 2024. First half of 2025 data shows the momentum continuing: Saudi startups raised about $1.34 billion in H1 2025, contributing some 64% of the total capital flowing into startups across the MENA region

But this surge is not without turbulence. Total Saudi funding dropped sharply in 2024 to around $750 million, a decline of about 44% year-over-year. Investors are more risk-aware, interest rates are up globally, and cheap money is less abundant. Meanwhile, although deal count remains reasonably strong, the size and quality of many early-stage rounds suggest founders are getting just enough fuel but are burning it quickly.

In this setting, founders often feel they must prove growth fast to justify valuations and future rounds. Burn becomes the badge of ambition. But without discipline, ambition can overrun sustainability.

What Drives Impulsive Spending?

Why do many Saudi founders spend fast after their first meaningful raise? Below are several intersecting causes:

1. Pressure to Signal

Securing funding is a public statement. For many founders, especially first-timers, spending on optics—office, branding, public events—becomes a way to validate the raise in the eyes of peers, media, and potential future investors. Luxury offices, PR teams, flashy marketing campaigns: these all send a message that the startup is serious and “playing at a higher level.”

2. Expectations of Growth & Speed

Investors often reward fast growth: user acquisition, market entry, and scaling. Founders internalize that and think in terms of “go big or go home.” Even before product-market fit is fully validated, they chase expansion: hiring aggressively, expanding into new markets, or scaling marketing channels prematurely.

When the macro environment is still rich with investment capital, pressure builds to outpace competition rather than pace builds around fundamentals.

3. Weak Financial Planning & Inexperienced Teams

Many early-stage startups in Saudi Arabia are led by passionate technical or product founders, often with less exposure to finance, unit economics, or cash-flow modelling. Without senior finance leadership or rigorous financial discipline, projections are optimistic and buffers are small.

They may underestimate costs (salaries, infrastructure, marketing), overestimate revenue growth, and mispredict customer acquisition cost (CAC) vs. lifetime value (LTV). This disconnect leads to spending that looks reasonable in plan, but in reality is unsustainable.

4. Easy Access to Capital + Push for Scale

Part of the Vision 2030 strategy has been opening up capital pools; government funds, accelerators, and VC firms are more active, and international investors are watching Saudi startups closely. That access encourages founders to spend, expecting that more capital will always come.

Alongside this, there’s a bias toward scaling up: bigger teams, more features, broader geographic footprint. Sometimes, less attention is given to profitability or even consistency of revenue. The “growth at all costs” mindset kicks in, especially when valuations are rising and comparisons with peers matter.

5. External Economic Pressures

Global economic tailwinds (inflation, supply chain shocks, rising costs) hit startups hard. In Saudi Arabia, rising operational costs—office rent, recruiting expensive talent, marketing—can strain budgets. Also, when interest rates rise and investor risk aversion increases, the pricing of capital and access to follow-on funding become less certain.

Consequences of High Burn: Why the Anxiety is Justified

Why is this urgent? What happens when burn rate exceeds sustainable levels?

1. Runway Depletion & Forced Cost Cuts
   If spending burns through capital too quickly, companies hit a cliff: layoffs, pivoting away from strategic priorities, or scaling back product features. These sudden adjustments damage morale, user trust, and long-term trajectory.
2. Valuation Pressure and Down Rounds
   Over-spending without matched growth can lead to disappointing metrics at the next fundraise. If performance lags expectations (users, revenue, retention), investors may value the startup lower than its previous round, causing down rounds. These dilute founder equity and harm investor confidence.
3. Investor Fatigue & Reputation Risk
   If founders repeatedly overspend or fail to show progress, local investors may begin to demand more oversight, impose stricter terms, or shy away from first-time founders. For the broader ecosystem, bad stories reduce willingness among limited partners (LPs) to invest in early-stage funds or raise their standards, making life harder for all.

Case Study: TradeHub—Choosing Discipline Over Runway

When entrepreneur Ahmed Jaber launched TradeHub in late 2023, investor enthusiasm was immediate. The cross-border B2B marketplace raised $1.4 million in pre-seed funding within just two months in a textbook early-stage win.

But funding didn’t translate into product-market fit. After a pivot to a SaaS sales-automation tool, Jaber and his team still couldn’t lock onto a model that customers truly needed. Despite having capital left in the bank, they made the rare decision to shut down the company and return remaining funds to investors.

Jaber later summed up the move: “Knowing when to stop is as important as knowing when to continue.”

For Saudi founders, the TradeHub story is a sharp counterpoint to the burn-rate spiral. Many startups, flush with first-round cash, rush into heavy hiring, marketing splurges, and premature scaling, only to find that revenue can’t keep pace. Jaber’s choice to preserve capital and reputation, rather than spend in hope of a breakthrough, illustrates that capital is a tool, not a trophy.

How Founders Can Shift to Balance

It’s not that spending is bad; it’s how and when you spend that counts. Here are some strategies Saudi founders can adopt to manage burn more intelligently.

A. Build Financial Discipline Early

• Hire or consult finance leadership early. A CFO or financial controller, even part-time or advisory, helps with realistic budgeting, forecasting, and monitoring cash flow.
• Scenario planning: run models for “best case,” “moderate case,” and “worst case” to see how burn looks under different growth assumptions (sales, retention, cost inflation).
• Focus on unit economics: customer acquisition cost (CAC), lifetime value (LTV), retention rates. If you have to spend $100 acquiring a user who gives $10 over their lifetime, growth through spending doesn’t scale well.

B. Stage Spending According to Milestones

• Prioritize capital allocation to high-leverage activities first: product development, core hiring (engineering, operations), modest marketing to validate channels.
• Delay expensive hires, extravagant offices, or wide regional expansion until product-market fit and stable revenue streams are proven.
• Let metrics (growth, retention, margins) guide the next spending round, not promises or projections alone.

C. Align with Investors on Realistic Metrics

• Be explicit in your pitch and early communications about what growth metrics matter vs which are vanity metrics.
• Set mutually agreed KPIs: monthly recurring revenue, churn, gross margin, profit vs. cost reductions, etc.
• Include milestones for fundraising rounds tied to performance (e.g., reaching X revenue, Y retention, or proof of unit economics), to ensure the next funding is obtained on solid footing.

D. Use Lean and Localized Strategies

• Use digital channels efficiently—invest in data to know which campaigns actually convert, where costs are sustainable.
• Wherever possible, outsource or use contractors/hybrid remote teams to avoid large fixed costs in early stages.
• Leverage local infrastructure and partnerships rather than immediately seeking costly global expansion.

E. Ecosystem Support and Shared Learning

• Founders can benefit from local incubators/accelerators that offer CFO-as-a-service or financial advisory, allowing even early-stage companies to access better financial practices without hiring full senior leadership.
• Build networks of peer founders to share lessons on what worked—and what drained runway.
• Investors can play a role: some are moving towards more hands-on support. If VCs insist on aggressive marketing spend or expansion, they share responsibility for the consequences.

Conclusion: From Burn Rate Anxiety to Sustainable Ambition

Saudi Arabia stands at a crossroads in its startup journey. The Kingdom has done much right: launching public funds, promoting entrepreneurship, building infrastructure, and attracting global capital. The momentum is there. But momentum isn’t everything. Without financial prudence, even well-funded startups risk burning out fast—losing talent, investor trust, and ultimately, potential.

Founders who learn to balance ambition with discipline—who spend with intent rather than spectacle—will likely emerge as the durable success stories. For Saudi Arabia’s tech ecosystem to deliver on its promise under Vision 2030, that shift—from burn to balance—must come sooner rather than later.

Noha Gad

The Saudi fintech sector is rapidly evolving, driven by the Saudi Vision 2030 agenda, which emphasizes digital transformation, financial inclusion, and economic diversification. With a tech-savvy young population and supportive regulatory reforms, Saudi Arabia has become a fertile ground for innovative fintech solutions that integrate technology with customer-centric services.

Among the pioneering players shaping this dynamic ecosystem is Madkhol, a Shariah-compliant fintech company specializing in financial planning and wealth management. Focused on expanding financial inclusion among younger generations, Madkhol offers innovative technology-based financial solutions with a commitment to financial wellness. 

In this interview, Sharikat Mubasher speaks with Saad Bin Atyan, Co-founder and CEO of Madkhol, to explore the company’s innovative approach, diverse product offerings, and future growth plans, as well as insights into its recently launched ‘Ratibi+’ program.

What are the key services that distinguish Madkhol from traditional fintech and investment companies in Saudi Arabia? 
Madkhol stands out by bridging fintech innovation with human-centered solutions. Unlike traditional players, we focus not only on investment returns but also on financial wellness and employee loyalty. Our services integrate robo-advisory, Sharia-compliant portfolios, and employee-focused products like Ratibi+, giving us a unique position at the intersection of wealth management and workforce engagement.

How does Madkhol utilize AI and robo-advisory solutions to empower investors in Saudi Arabia and beyond?
Our AI-powered robo-advisory analyzes market trends, personal preferences, and risk profiles to build tailored portfolios. This ensures that every investor, from a first-time saver to a high-net-worth client, receives guidance at scale. AI also enables us to automate rebalancing, forecast scenarios, and provide personalized insights in real time, making wealth management more inclusive and accessible.

Earlier this year, Madkhol raised $2.2 million in a seed round to develop its AI-powered solutions. What are the company’s plans to expand its product portfolio and market reach?

The seed round enabled us to accelerate the development of our AI-powered solutions and expand our product portfolio. Our focus is twofold: first, to strengthen Ratibi+ as the leading employee investment and loyalty program in Saudi Arabia, and second, to roll out advanced robo-advisory services for individuals and institutions across the region. Market-wise, we are targeting strategic partnerships with corporates, banks, and HR tech platforms to scale our reach.

Can you tell us more about the Ratibi+ program and how it benefits both employees and companies?
Ratibi+ is our flagship product designed to redefine employee compensation. It allows employees to save and invest directly from their salaries, while employers can offer matching contributions with vesting periods. For employees, this creates financial security and long-term growth; for companies, it reduces turnover, strengthens loyalty, and positions them as forward-thinking employers.

How do you see the role of AI in advancing wealth management and enhancing the investment environment? 
AI is transforming wealth management from a service for the few into a tool for the many. It enhances accuracy in portfolio design, ensures continuous monitoring, and democratizes access to financial insights. In the Saudi context, AI supports Vision 2030 by fostering a culture of savings and investment, ultimately creating a more resilient and inclusive financial ecosystem.

How did participating in Money 20/20 Middle East help Madkhol gain exposure to global fintech trends and innovations?
Money 20/20 Middle East gave us an invaluable platform to connect with global fintech leaders, discover cutting-edge trends, and showcase Ratibi+ on an international stage. It reinforced our belief that Saudi fintech can compete globally while addressing unique local needs.

In your opinion, how do events like Money 20/20 contribute to shaping the fintech ecosystem in Saudi Arabia and the wider region?
Events like Money 20/20 act as catalysts; they bring together investors, innovators, and regulators in one place. For Saudi Arabia and the region, this accelerates knowledge exchange, fosters partnerships, and highlights how fintech can play a key role in achieving Vision 2030’s economic diversification goals.

What are the biggest challenges facing fintech startups in Saudi Arabia, and how does Madkhol address these challenges? 
The main challenges are building trust, navigating regulation, and achieving scale. Madkhol addresses these by ensuring Sharia-compliant products, working closely with regulators, and focusing on partnerships with corporates and banks to reach mass adoption. Trust, compliance, and collaboration are the pillars of our approach.

Noha Gad

Modern commerce is witnessing a significant transformation triggered by rapid developments in technology. The traditional retail landscape, which was centered on physical stores and direct customer interactions, is evolving into a digitally interconnected ecosystem. This change was driven by emerging technologies that enhance how products are sold and redefine the overall customer experience and operational efficiency. 

Technologies such as artificial intelligence (AI), virtual reality (VR), and augmented reality (AR) emerged as key enablers that revolutionize each aspect of modern commerce. Businesses increasingly utilize cutting-edge tools to understand and anticipate customer needs, tailor offerings, and create more engaging shopping environments. AI-driven analytics allow retailers to handle vast amounts of data, providing insights that help optimize product assortments, pricing strategies, and personalized marketing.

On the other side, VR and AR fill the gap between digital and physical worlds, offering immersive and interactive experiences for customers, ultimately enhancing logistical operations by improving warehouse management, staff training, and real-time problem-solving.

As modern commerce continues to evolve, organizations embracing these technologies are well-positioned to meet rising consumer expectations and adapt to the fast-changing market landscape effectively. Thus, understanding the importance of this technological evolution is essential for businesses to remain competitive

How AI transforms modern commerce

AI has become a cornerstone of innovation in modern commerce, driving significant improvements across customer engagement, inventory management, and operational efficiency.

-Personalization and customer insights. AI uses machine learning algorithms to analyze customer data, such as browsing behavior, purchase history, and preferences. This enables businesses to deliver personalized product recommendations and marketing messages in real time, enhancing customer satisfaction and boosting conversion rates.

-Inventory management and forecasting demand. AI models can optimize inventory levels by processing large datasets on sales trends, seasonality, and external market factors. This reduces risks of overstock or stockouts, cutting costs related to excess inventory and lost sales opportunities

-Customer experience enhancement.  AI-powered chatbots and virtual assistants provide 24/7 customer support by handling routine inquiries, guiding shoppers through product selections, and resolving common issues quickly. This ultimately contributes to enhancing customer experience and reducing response time, thereby enabling human agents to focus on more complex problems. 

-Fraud detection. AI models detect unusual patterns and potential fraud in real time by analyzing transaction data and user behavior. This capability enhances the security of digital payments and protects both merchants and customers from cyber threats.   

Using VR and AR to enhance the shopping experience 

VR and AR are transforming the shopping experience as they create immersive environments that engage customers in ways traditional retail cannot. For instance, virtual stores and showrooms allow shoppers to explore products in a fully digital space without leaving their homes. Both innovations enable virtual product try-ons and demonstrations, especially valuable in sectors like fashion, furniture, and automotive.

Additionally, VR and AR are used for remote product training and retail staff education. Retailers can simulate real-world scenarios to train employees on product knowledge, customer interaction, and store layout without disrupting physical store operations. This method improves staff preparedness and service quality, directly benefiting the shopping experience.

These innovative technologies also fill the gap between physical and online retail, making shopping more interactive, engaging, and convenient in the modern commerce landscape. They enable interactive marketing campaigns and promotions that engage customers in innovative ways.

The integration of AI, VR, and AR technologies in modern commerce has a significant impact on supply chains and logistics as they can optimize inventory and deliveries, enhance warehouse and fulfilment efficiency, promote logistics planning, and improve risk management. 

Finally, these emerging technologies are fundamentally reshaping the landscape of modern commerce, creating opportunities for businesses to innovate and deliver exceptional customer experiences. 

Beyond customer interaction, they revolutionize the operational backbone of commerce by optimizing supply chains and logistics. AI-driven analytics improve forecasting and inventory control, AR guides warehouse staff to operate more efficiently, and VR simulations help plan resilient delivery routes and workflows. Together, these innovations not only reduce costs but also enhance speed, accuracy, and flexibility in meeting consumers’ growing demands.

Looking ahead, the continued convergence of AI, VR, and AR is expected to unlock more transformative possibilities that will redefine how people discover, interact with, and purchase products.

Ghada Ismail

Some startups appear to emerge almost overnight, moving from obscurity to market ubiquity with remarkable speed. This rapid ascent is rarely the result of chance. It is often the product of a deliberate strategy known as blitzscaling: a calculated decision to pursue extraordinary growth at an exceptional pace, accepting significant operational and financial risks in the process.

Blitzscaling can be likened to accelerating a high-performance vehicle before all of its components have been fully tested. When successful, the approach allows a company to secure market dominance before competitors can respond. When mismanaged, it exposes the organization to structural weaknesses that can derail progress just as quickly as it began.

What Is Blitzscaling?

The term was popularized by LinkedIn co-founder Reid Hoffman and entrepreneur Chris Yeh in their book Blitzscaling. At its core, blitzscaling is the deliberate pursuit of massive, rapid growth, prioritizing speed over efficiency. The goal is to capture market share so quickly that competitors can’t catch up, even if it means high spending, operational chaos, or short-term losses. Startups that blitzscale often expand across new markets, hire aggressively, and spend heavily on marketing before perfecting processes or achieving profitability.

This approach is especially common in industries with network effects—where the value of the product grows as more people use it—such as marketplaces, social platforms, and fintech. Once a company reaches critical mass, it can become the default choice, making it hard for latecomers to compete.

Why Founders Consider Blitzscaling

For many founders and investors, the appeal is clear: become the first and biggest player before the rest of the market even realizes what’s happening. Blitzscaling can create powerful first-mover advantages. Customers and partners gravitate toward the market leader, talent is easier to recruit, and investors are eager to back a company that looks unstoppable.

In venture capital circles, momentum matters. A startup showing exponential user growth or market capture often finds it easier to raise follow-on funding at higher valuations, which in turn fuels even faster expansion.

Key Advantages

• Market dominance: Set industry standards and shape consumer habits.
• Network effects: More users bring more value, which draws even more users.
• Virtuous growth cycle: Users → talent → product improvements → more users.

Major Risks

• Extreme burn rate: Heavy spending demands constant fundraising.
• Operational chaos: Hiring too fast can dilute culture and weaken management.
• Regulatory and legal exposure: Rapid global expansion often outpaces compliance.
• Founder burnout: High pressure and nonstop growth can exhaust leadership teams.
• Product-market misfit: Scaling before perfecting the product can backfire.

Is Blitzscaling Right for Your Startup?

Blitzscaling only makes sense under specific conditions: a huge addressable market, strong network effects, abundant funding, and a product that already shows solid product-market fit. If those elements are missing, a more measured approach—sometimes called “smart scaling”—may be wiser.

Founders should weigh whether their market rewards speed above all else or whether careful, sustainable growth will ultimately create more value. In many cases, establishing operational discipline before hypergrowth can prevent costly missteps later.

Conclusion

Blitzscaling can turn startups into market leaders at lightning speed, but it is a high-stakes gamble. When the market is ready, the rewards are enormous: dominance, brand recognition, and the ability to set the rules of the game. Yet the same strategy can drain resources, strain teams, and end in failure if the fundamentals are weak.

For founders, the question isn’t just “Can we blitzscale?” but “Should we?” Careful assessment of market dynamics, funding prospects, and internal capacity can reveal whether chasing hypergrowth is a bold move or a dangerous sprint toward a cliff.

Ghada Ismail

Saudi Arabia’s fintech story reads like a tale of two kingdoms. In Riyadh and Jeddah, cash feels almost antique; it’s only a matter of phone taps, QR codes flash, and money moves in seconds. Yet a few hundred kilometers away, in Tabuk’s rugged northwest or Najran’s mountain valleys, daily commerce often sounds like the rustle of paper bills and the scratch of a pen across a ledger. The country’s financial future is unfolding at two different speeds.

It isn’t infrastructure that draws the line. Mobile penetration tops 95 percent, 5G towers rise even in sparsely populated stretches, and e-payments already dominate national retail transactions. The gap is more subtle: culture, trust, and the rhythms of rural life. Convincing a farmer in Al-Jawf to swap cash for code demands more than bandwidth; it calls for products that fit local habits, clear value that outweighs tradition, and a level of human connection that an app alone can’t supply.

Saudi Arabia has the digital highway; the challenge is building the entry points. Whether fintech can cross that last mile will determine if the Kingdom’s financial revolution remains an urban triumph or becomes a truly nationwide transformation.

Infrastructure: A Kingdom Already Wired

From an infrastructure perspective, Saudi Arabia is well-positioned. Internet penetration is extremely high (estimates are over 95%), mobile device ownership is widespread, and 4G/5G networks are expanding into previously marginal areas. These foundations matter: without reliable connectivity and devices, fintech is impossible. Already, electronic payments account for a large and growing share of retail transactions. The requisite backbone is largely in place.

Urban Comfort vs. Rural Reality

Still, real comfort with fintech is uneven. In Riyadh, merchants often expect digital payments; in remote towns, cash remains king. Limited bank branch presence in outlying areas means residents may need to travel far for physical banking. Older generations or those with less exposure to digital tools are often wary of apps because of perceived complexity, security risk, or distrust of unseen financial entities. Small businesses in remote regions may lack formal accounting or consistent electricity or internet service, undermining the good infrastructure in theory.

Simpler Fintech for Seniors: An Overlooked Opportunity

When designing fintech for broader inclusion, startups should think about older adults—not just young, tech-savvy users. For many seniors, a confusing interface or too many steps can be as big a barrier as a lack of connectivity. Startups that build apps designed with simplicity in mind—large readable text, simple menus, voice instructions, minimal jargon, offline support, and even human assistance options—could unlock fintech adoption among older generations in remote areas.

Such apps might include:

• Simplified banking apps with fewer screens and more guidance.
• “Lite” or basic versions of wallets that avoid overwhelming options.
• Remote or agent-assisted onboarding, so elders who are less comfortable with tech can get help.
• Voice or audio assistance in Arabic, possibly even local dialects.
• Clear, transparent fees so there is no distrust arising from surprise costs.

Some relevant observations:

• Al Rajhi Bank’s app is praised for being user-friendly and for continuous improvements. But it is still a general-purpose banking app, not specifically tailored to seniors.
• STC Pay and others provide digital wallets with simple features like QR payments, bill payments, etc. These features could serve seniors well if designed with accessibility in mind. But I saw no specific senior-oriented version. 
• In lists of “budgeting” or “open banking” apps, ease of use is often mentioned, but not specifically accommodations for low digital literacy or elderly users

This suggests a gap in the market: there is room for fintech startups in Saudi Arabia that explicitly build for the last mile of inclusion—older adults in remote towns. The right design could make a big difference in whether fintech isn’t just available, but also usable for all.

Vision 2030’s Digital Mandate

Saudi Arabia’s Vision 2030, together with the Financial Sector Development Program and the national Fintech Strategy, explicitly aims to make financial services more inclusive. Regulatory reforms—such as digital-banking licenses, open banking, and upgraded payment systems—are meant to lower barriers for innovators. Central bank policies and government incentives are pushing toward universal access, financial literacy initiatives, and infrastructure investment. These provide an enabling environment for fintech expansion—but regulatory support alone does not ensure adoption.

Business Models Built for the Last Mile

For fintechs to succeed beyond major cities, they must adapt business models to the realities of rural and remote regions. One promising route is agent networks: local shops or service points that act as touchpoints for users who prefer or need human interaction. Another is partnering with telecom companies, which already have reach and existing trust in many small towns. Retail chains, post offices, or municipality kiosks could also serve as infrastructure hubs. Products may need to be cheaper, simpler, and require minimal digital literacy to use.

Winning Hearts, Not Just Downloads

Building adoption is as much a question of trust and culture as tech and regulation. Transparent pricing, clear value, local language support, and human customer service are essential. For someone who has never used a fintech app, a failed transaction or confusing fee can be discouraging. Financial education programs tailored for rural communities, delivered through trusted local groups, can help. Even hybrid models—digital onboarding followed by in-person support—may work better than fully remote approaches in many small towns.

The Credit Gap: Data as Collateral

One area where fintech can make a big difference is credit access. Many small business owners outside big cities lack formal financial histories or audited accounts. Traditional lenders often reject their loan applications. Fintechs that use alternative data—mobile money flows, POS history, utility payments—can build credit profiles and offer small, short-term business loans or inventory financing. That could unlock productivity in sectors like agriculture, small retail, regional logistics, and crafts.

Public–Private Partnerships in Action

There are clear roles for both the state and private sector. Government subsidies or guarantees can de-risk fintech pilot projects in areas where margins are thin. Regulators can provide frameworks that balance innovation with consumer protection, especially for users less experienced with financial services. Banks with branch networks can collaborate with fintech startups to extend service reach. Telecommunications companies can help with distribution and customer chains. Examples include STC (Saudi Telecom Company), Mobily, and Zain.

The idea is that these companies already have:

• Extensive physical presence through stores and service centers, even in remote towns.
• Trusted customer relationships with millions of subscribers.
• Existing billing and payment systems that can be integrated with fintech services.

Because of this reach, telecom companies can help distribute fintech products, handle customer sign-ups or cash-in/cash-out services, and support outreach in areas where banks or fintech startups have little presence.

Operations on the Ground

Fintech’s promise often runs into operational hurdles. Reliable power and internet are not uniformly guaranteed in remote areas. Cash-in and cash-out logistics are tricky: even if payments are done digitally, someone often needs to handle cash for daily expenses. Merchant acceptance is uneven, especially among small stores with thin margins. Fintech systems need to integrate smoothly with existing business workflows—if reconciliation is difficult, or if the app doesn’t handle local languages or dialects, adoption drops.

Measuring Real Impact

Success should be measured with more than download counts or the number of transactions. Key metrics include how fintech reduces time and cost for small businesses, increases savings or access to credit, reduces reliance on informal systems, improves incomes, and raises financial inclusion. Pilot programs should track outcomes over months or years, comparing communities with and without these services, and gather feedback to refine products.

From Connectivity to Inclusion

In the end, fintech in Saudi Arabia has moved closer than ever to being able to serve the Kingdom fully, from Tabuk to Najran. The infrastructure, regulation, and technology are largely in place. But for fintech to truly reach remote regions, providers must adapt: offering services in culturally relevant ways, building trust through human touchpoints, designing affordable and useful products, and partnering with existing local networks.

If they succeed, the result won’t just be more people using fintech apps; it will be a more inclusive economy in which rural and remote areas share more fully in the gains of digital finance. Vision 2030’s promise is big; now the test is whether fintech can land softly and stick across every valley, desert, and mountain of the Kingdom.

Kholoud Hussein 

In today’s rapidly transforming digital economy, artificial intelligence has emerged as both a disruptor and an enabler, redefining how industries operate and compete. Nowhere is this transformation more visible than in the financial services sector, where AI is powering new models of efficiency, personalization, and compliance. With global investment in AI accelerating, and financial institutions seeking tools that balance innovation with trust, the conversation around AI’s role has never been more critical.

Against this backdrop, Saudi Arabia is positioning itself as a global hub for AI and digital transformation under Vision 2030, investing billions to cultivate expertise, infrastructure, and sustainable innovation. The Kingdom’s ambitious agenda has created fertile ground for technology leaders to collaborate with regulators, enterprises, and entrepreneurs in building a robust digital economy.

It is in this context that Sharikat Mubasher sat down exclusively with Tomas Skoumal, Chairman & Co-founder of Dyna.Ai, to discuss how the company’s Agentic AI Suite and enterprise solutions are reshaping the financial landscape. In this interview, Skoumal outlines Dyna.Ai’s competitive edge, the challenges it helps financial institutions overcome, and the company’s role in supporting Saudi Arabia’s transformation into a regional AI powerhouse.

Dyna.Ai positions itself as a leader in AI-as-a-Service, with solutions already reshaping finance and beyond. How do you define your unique edge in such a competitive and fast-moving AI market?

Our edge is the ability to combine deep financial services experience with modern AI solutions that are enterprise-ready and built for measurable business outcomes. In the financial services sector, technology adoption isn’t about deploying the most recent innovation, but it’s about delivering results such as improving customer engagement, reducing operational risk, and generating new revenue streams.

Our flagship Agentic AI Suite and our Enterprise Solutions Suite for financial services provide multi-modal, multi-channel engagement with 95%+ accuracy and sub-200 millisecond response times. Products like VoiceGPT and AvatarGPT power AI employees that enable our customers to scale hyper-personalization, multilingual support, and real-time interactions in banking and insurance workflows. It is this combination of advanced platform capabilities and practical industry integration, underpinned by industry-leading security, that sets us apart.

AI is becoming central to financial services worldwide. From your perspective, what specific challenges in banking and fintech is Dyna.Ai solving most effectively today?

Banks and fintechs are being tested across a few major priorities: personalizing customer services at scale, managing risk in real time, and remaining compliant within complex regulatory environments. Our AI copilots and digital agents redefine personalized engagement, while other enterprise solutions like E-KYC solutions address the core needs of Saudi Arabia’s $39.9 billion fintech market, which is projected to reach $125 billion by 2034.

With 75% of Saudi financial transactions already digital and job postings in AI growing 54% annually, our Agent Studio enables institutions not only to deploy AI but to train their own AI teams and build long-term capabilities. These solutions help financial institutions stay ahead of customer expectations while enhancing trust, compliance, and efficiency.

Your expertise spans advanced AI models, human-AI interaction, and big data analytics. How are you combining these capabilities to deliver solutions that are both cutting-edge and practical for clients?

We see the future of finance requiring systems that can communicate with human fluency and operate with the precision of advanced data analytics. Our approach integrates commercial LLMs with our proprietary Dyna LLM through the Agent Studio platform, giving banks the flexibility to meet local regulatory requirements while setting new global standards. Our suite of highly tailored Agentic AI products, with culturally adapted capabilities, allows for intuitive engagement in culturally relevant ways. Add to this data-rich applications like fraud prevention and AI-driven decision engines, and the result is a suite of tools that are cutting-edge yet embedded in clear business cases such as Shariah-compliant products, compliance monitoring, and customer service.

Saudi Arabia is investing heavily in AI and digital transformation under Vision 2030. How do you see Dyna.Ai contributing to this national agenda, and what opportunities excite you most in the Kingdom?

Saudi Arabia plans to train 20,000 AI specialists by 2030 and has pledged $20 billion in AI investments. With 66 of Vision 2030’s 96 goals tied to data and AI, this is one of the world’s most ambitious transformations. Dyna.Ai directly supports these efforts through our Agentic AI Suite, including Agent Studio, VoiceGPT, and AvatarGPT. Our Saudi office and growing local team reflect our commitment to long-term capability building. As we grow our partnerships across industries, including banking, fintechs, government, telecommunications, etc, we are excited to provide enterprise-ready tools that not only scale operations but also build indigenous AI expertise, ultimately positioning Saudi Arabia as a regional AI hub.

The global debate around AI often touches on trust, ethics, and transparency. How is Dyna.Ai addressing these concerns to ensure clients can scale AI responsibly?

Responsible AI is fundamental to our mission. From the start, we designed the Agentic AI Suite with guardrails such as transparency, explainability, and compliance monitoring. Governance features allow clients to understand, audit, and control how AI-driven decisions are made, whether in lending, fraud detection, or customer engagement. For example, our AI employee products provide explainable interactions in Arabic and other languages. We work closely with regulators to ensure our solutions meet both global and Saudi standards. This commitment builds the trust needed for sustainable scaling across the financial services ecosystem.

As you participate in Money 20/20 Saudi Arabia, what do you hope to achieve from this gathering of global financial leaders, and how does it align with your growth ambitions in the region?

Money20/20 allows us to show, not just tell. Through live demonstrations of the Agentic AI Suite, including real-time Arabic engagements, we want financial leaders to witness the business impact of AI in action. With Saudi fintech projected to reach $125 billion by 2034 and AI expected to add $320 billion to the MENA economy by 2030, we see this event as a chance to build strategic partnerships that align with the Kingdom’s economic trajectory. Our presence at the event is about reinforcing our commitment to Vision 2030 and partnering with Saudi banks, insurers, and fintechs to innovate at scale.

As Tomas Skoumal highlights, Dyna.Ai is not just deploying advanced technology but building trust and long-term capability in financial services. Through its Agentic AI Suite, the company is enabling hyper-personalized engagement, compliance-driven innovation, and scalable digital solutions that align closely with Saudi Arabia’s Vision 2030. With its growing local presence and commitment to responsible AI, Dyna.Ai positions itself as a strategic partner in turning the Kingdom’s AI ambitions into reality.

Ghada Ismail

In startups, the original idea is rarely the winning one. Markets shift, customer needs evolve, and sometimes the product simply doesn’t click. The difference between failure and breakthrough often comes down to one thing: the ability to pivot.

A pivot isn’t about giving up. It’s about adjusting course to find what truly works. For founders, especially in fast-growing ecosystems like Saudi Arabia, knowing when and how to pivot can turn setbacks into opportunities and keep a startup alive long enough to thrive.

What Is a Pivot?

A pivot is not about tearing everything down and starting from scratch. It’s about keeping the vision intact while changing the route to get there. Think of it as a course correction rather than a restart.

Instagram is a classic example. Before becoming the photo-sharing giant we know today, it was a clunky app called Burbn that let users check into locations. The team noticed that people loved the photo feature more than anything else and decided to pivot around it. The rest is history.

When Should Startups Pivot?

The decision to pivot isn’t easy. Founders often wrestle with sunk costs and pride. But the market doesn’t lie. Common signals that it might be time include:

• No traction despite strong execution: The product works, but users aren’t sticking around.
• Customer behavior doesn’t match expectations: Feedback points to a different problem or need than originally targeted.
• High acquisition costs with low retention: You’re paying heavily to bring people in, but they don’t stay.
• Competitors gaining ground: A rival is growing faster with a different approach, forcing you to reconsider your model.

Listening carefully to customers and tracking metrics honestly will often reveal whether you’re on the wrong track.

Different Types of Pivots

Not all pivots look the same. Some involve small tweaks, others a major shift. A few common ones are:

• Product pivot: Focusing on one feature that resonates and dropping the rest.
• Market pivot: Targeting a new customer segment or geography.
• Revenue model pivot: Changing how you monetize—say, from subscriptions to transaction fees.
• Channel pivot: Finding new ways to reach customers, such as moving from offline distribution to digital-first.

Each requires discipline and clear communication with stakeholders, especially investors and employees.

How to Pivot Without Losing Focus

A pivot can feel like a setback if not framed well. But handled correctly, it can re-energize a startup. A few principles help:

• Protect the vision: Stay clear on the “why,” even if the “how” changes.
• Test before leaping: Run small experiments to validate the new direction before committing fully.
• Be transparent: Keep investors, team members, and early customers informed. Trust is easier to maintain when you bring people along for the ride.
• Maintain morale: Remind your team that adaptability is strength, not weakness.

Wrapping Things Up…

Startups don’t succeed by sticking rigidly to their first idea. They succeed by learning, adapting, and sometimes changing direction altogether. Pivoting isn’t a mark of failure—it’s often the very thing that unlocks growth.

For founders, the key is to treat pivoting not as a last resort but as part of the entrepreneurial journey. Because in the end, the startup that survives is the 

Kholoud Hussein 

In the evolving landscape of entrepreneurship, new models continue to emerge that challenge traditional methods of building companies. Among these, the concept of the venture builder—sometimes referred to as a startup studio, company builder, or venture studio—has gained significant traction. This model does not simply support startups; it creates them from the ground up, offering a systematic and professionalized approach to innovation. To understand how venture builders are shaping the future of startups, it is important to define what they are, how they operate, and why they have become a critical part of the entrepreneurial ecosystem.

What Is a Venture Builder?

At its core, a venture builder is an organization dedicated to systematically creating new startups. Unlike accelerators or incubators, which primarily support external founders, venture builders conceive, launch, and scale companies internally. They start with ideas generated within the studio, validate those ideas, and assemble founding teams to execute them. The venture builder typically provides shared resources such as technical expertise, legal and financial support, HR, marketing, and office infrastructure.

The key distinction is that venture builders are not passive supporters but active co-founders of the startups they produce. They hold equity, share the risks, and are deeply involved in the strategic and operational aspects of each venture.

How Do Venture Builders Operate?

The venture builder model follows a structured process that often includes:

• Ideation and Validation: The studio generates multiple business ideas, then rigorously tests them for market potential, scalability, and alignment with macro trends.
• Team Formation: Once validated, the venture builder recruits or appoints entrepreneurs-in-residence, technical experts, and business leaders to form the founding team.
• Resource Allocation: Unlike a standalone startup that begins with limited means, the new venture benefits from shared services—legal, finance, HR, branding—that reduce overhead and accelerate execution.
• Seed Funding: Venture builders typically provide the initial capital to kickstart operations, giving startups the momentum needed to reach product-market fit.
• Scale and Spin-Off: Once the company gains traction, it may raise external funding, often with the backing and credibility of the venture builder.

This systematic approach significantly de-risks early-stage entrepreneurship by testing ideas before making large-scale commitments and ensuring professional execution from the outset.

Venture Builders and Startups: The Relationship

The relationship between venture builders and startups is symbiotic. Startups gain access to resources, expertise, and capital that would otherwise be out of reach. Venture builders, on the other hand, benefit from diversified portfolios of ventures, increasing their chances of producing a successful company.

For founders, joining a venture builder can mean reduced autonomy compared to starting independently, but it also means reduced risk, greater support, and a higher likelihood of success. For investors, venture builders serve as deal flow engines, systematically generating startups that are vetted, structured, and investment-ready.

Why Venture Builders Are Becoming More Relevant

Several trends explain the rise of venture builders globally:

• High Failure Rates of Startups: With most startups failing in their first few years, venture builders offer a model to improve survival rates.
• Need for Speed: In fast-changing markets, venture builders accelerate the path from idea to market-ready business.
• Capital Efficiency: Shared resources lower costs and reduce duplication across ventures.
• Alignment with Corporate Innovation: Many corporations are launching internal venture builders to diversify revenue streams and stay ahead of disruption.

The Future of Venture Builders in the Startup Ecosystem

Venture builders represent a new paradigm where entrepreneurship is less about individual heroics and more about structured, professional execution. They are particularly relevant in emerging markets like the Middle East and North Africa, where ecosystems are still developing and where access to resources and mentorship can make or break a startup.

By blending creativity with discipline, venture builders are redefining how startups are born. They offer a hybrid model that balances innovation with risk management, creating companies that are not just ideas with funding, but fully operational businesses with infrastructure, teams, and strategic roadmaps.

Finally, a venture builder is more than a support mechanism—it is a startup factory that systematically transforms ideas into companies. Its relationship with startups is one of co-creation, shared risk, and mutual benefit. In a world where agility, capital efficiency, and execution speed are paramount, venture builders are poised to play an increasingly pivotal role in shaping the future of entrepreneurship.